Morningstar SRRI

Lower Risk

Higher Risk

1

2

3

4

5

6

7

Potentially Lower ReturnsPotentially Higher Returns

Source: Morningstar

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Investment Objective

The investment objective of the Fund is to seek to provide focused exposure to attractively priced Capital Securities together with maximum total return, consistent with preservation of capital and prudent investment management.
The Fund will seek to achieve its investment objective by investing in an actively managed portfolio of Fixed Income Instruments and other securities of which at least 80% will be invested in Capital Securities in accordance with the policies set out below. Capital Securities are Fixed Income Securities, contingent convertible bonds and/or equities issued by financial institutions such as banks and insurance companies. The Fund uses a combination of bottom up and top-down processes to identify appropriate Capital Securities with each Capital Security being passed through three screens.

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Portfolio Profile31/03/2017

Morningstar Style Box®

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Fixed Income Style

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Asset Allocation %

Long

Short

Net

Stocks

4.20

0.00

4.20

Bonds

60.46

19.56

40.90

Cash

98.35

77.23

21.12

Other

33.78

0.00

33.78

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Top Fixed Income Sectors

Fixed Income Sector

%

Corporate Bond

63.11

Cash & Equivalents

24.71

Convertible

11.25

Government Related

10.62

Preferred

2.18

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Top Holdings

Name

Country

%

IncreaseDecreaseNew since last portfolio

US 10 Year Note (CBT) June17 2017-06-21

12.95

Cdx Itraxx Main27 5y Ice 2022-06-20

5.34

Stichting Ak Rabobank Cert FRN

Netherlands

4.18

Lloyds Bkg Gp Cv

United Kingdom

3.81

Bbva(Bilb-Viz-Arg) Cv

Spain

3.76

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AJ Bell includes AJ Bell Holdings Limited and its wholly owned subsidiaries. AJ Bell Management Limited and AJ Bell Securities Limited are authorised and regulated by the Financial Conduct Authority. All companies are registered in England and Wales at 4 Exchange Quay, Salford Quays, Manchester M5 3EE. AJ Bell procures the provision of the Morningstar Licensed Tools on an “as is” basis and does not guarantee the performance of or accept liability for the Licensed Tools. To the maximum extent permitted by law, AJ Bell excludes liability for the Licensed Tools, including liability for any failure, interruption, delay or defect in the performance of any Licensed Tool, unless it arises as a direct result of the negligence of AJ Bell.